SCE&G + Santee Cooper have limited time to decide whether or not to continue with their $14 billion V.C. Summer nuclear plant expansion project in Fairfield County, ~40 mins from Cola. The project has already faced financial problems, delays + criticism from the two companies’ customers.
On Monday, it was announced that the project’s board would spend six more weeks assessing the project (including a 45-day study period) – after that, they’re expected to make a decision (hopefully by or before fall).
Some problems the project is facing:
☢ Chief designer + contractor Westinghouse filed for bankruptcy in March
☢ Financial analysts say the project could actually cost ~$23 billion – a.k.a. more than double the original number
☢ One of the two reactors was supposed to be finished last year, but it now analysts say it won’t be completed ‘til 2020
☢ SCE&G ratepayers + Santee Cooper customers have both faced multiple power bill increases to pay for the upfront costs of the project
☢ The two companies have already spent ~$9 billion on the project
